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            Phone: 3527427900

            How big of a FHA Loan Can I afford?

            Your monthly costs should not exceed 29% of your gross monthly income for a FHA Loan. Total housing costs often lumped together are referred to as PITI.

            P = Principal

            I = Interest

            T = Taxes

            I = Insurance

            Examples:

            Monthly Income x .29 = Maximum PITI
            $3,000 x .29 = $870 Maximum PITI

            Your total monthly costs, or debt to income (DTI) adding PITI and long-term debt like car loans or credit cards, should not exceed 41% of your gross monthly income.

            Monthly Income x .41 = Maximum Total Monthly Costs
            $3,000 x .41 = $1230
            $1,230 total - $870 PITI = $360 Allowed for Monthly Long Term Debt

            FHA Loan ratios are more lenient than a typical conventional loan.

            Get A Quick Quote

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